Puma Biotechnology, Inc. (Nasdaq: PBYI), a biopharmaceutical company,
has entered into a loan agreement with Silicon Valley Bank, the bank of
the world’s most innovative companies and their investors, and Oxford
Finance, a specialty finance firm that provides senior debt to life
sciences and healthcare services companies, for a term loan of up to
$100 million, subject to funding in two tranches.

Puma received gross proceeds of $50 million from the first tranche of
the credit facility upon closing on October 31 and intends to use the
funds for general corporate purposes and to further support NERLYNX®
commercial initiatives. The second tranche of $50 million may be drawn
at Puma’s option and subject to the achievement of certain milestones.
The loan will mature on October 31, 2022. Additional information on the
loan agreement will be filed with the Securities and Exchange Commission
as a Current Report on Form 8-K.

Alan H. Auerbach, Chairman, Chief Executive Officer and President of
Puma Biotechnology, said, “We are pleased to be able to enter into this
loan facility with Silicon Valley Bank and Oxford Finance. The proceeds
from this financing will be used to continue to support the NERLYNX
commercial activities as well as ongoing research with neratinib in
other indications. This will allow the Company to continue the momentum
that we have experienced this year into 2018 and beyond.”

“We’re proud to support Puma as they work to reduce the risk of breast
cancer recurrence and develop novel therapies for the treatment of
cancer,” said Anthony Flores, director for Silicon Valley Bank’s
Southwest Life Science Practice. "It’s our pleasure to arrange this
financing for Puma as they commercialize NERLYNX and endeavor to bring
this impactful therapy to patients throughout the world.”

“Oxford is pleased to provide financing to Puma in support of its
commercial initiatives for NERLYNX,” said Christopher A. Herr, senior
managing director at Oxford Finance. “Puma’s seasoned management team
and the demonstrated clinical benefits of NERLYNX provide us confidence
in supporting the Company’s continued growth and development.”

About Silicon Valley Bank

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its offices
in innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com.

About Oxford Finance LLC

Oxford Finance is a specialty finance firm providing senior secured
loans to public and private life sciences and healthcare services
companies worldwide. For over 20 years, Oxford has delivered flexible
financing solutions to its clients, enabling these companies to maximize
their equity by leveraging their assets. In recent years, Oxford has
originated over $4 billion in loans, with lines of credit ranging from
$5 million to $100 million. Oxford is headquartered in Alexandria,
Virginia, with additional offices in San Diego, California; Palo Alto,
California; and the greater Boston and New York City areas. For more
information, visit oxfordfinance.com.

About Puma Biotechnology

Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on
the development and commercialization of innovative products to enhance
cancer care. The Company in-licenses the global development and
commercialization rights to three drug candidates — PB272 (neratinib,
oral), PB272 (neratinib, intravenous) and PB357. Neratinib, oral was
approved by the U.S. Food and Drug Administration in July 2017 for the
extended adjuvant treatment of adult patients with early stage
HER2-overexpressed/amplified breast cancer, following adjuvant
trastuzumab-based therapy, and is marketed in the United States as
NERLYNX® (neratinib) tablets.

This press release contains forward-looking statements, including
statements regarding the Company’s financial position, performance,
strategy and use of funds, including in connection with the
commercialization of NERLYNX® and research with neratinib in other
indications. All forward-looking statements included in this press
release involve risks and uncertainties that could cause the Company’s
actual results to differ materially from the anticipated results and
expectations expressed in these forward-looking statements. These
statements are based on current expectations, forecasts and assumptions,
and actual outcomes and results could differ materially from these
statements due to a number of factors, which include, but are not
limited to, the fact that the Company has only recently commenced
commercialization and shipment of its only FDA approved product; the
Company’s dependence upon the commercial success of NERLYNX (neratinib);
the Company’s history of operating losses and its expectation that it
will continue to incur losses for the foreseeable future; risks and
uncertainties related to the Company’s ability to achieve or sustain
profitability; the Company’s ability to predict its future prospects and
forecast its financial performance and growth; failure to obtain
sufficient capital to fund the Company’s operations; the effectiveness
of sales and marketing efforts; the Company’s ability to obtain FDA
approval or other regulatory approvals in the United States or elsewhere
for other indications for neratinib or other product candidates; the
challenges associated with conducting and enrolling clinical trials; the
risk that the results of clinical trials may not support the Company’s
drug candidate claims; even if approved, the risk that physicians and
patients may not accept or use the Company’s products; the Company’s
reliance on third parties to conduct its clinical trials and to
formulate and manufacture its drug candidates; risks pertaining to
securities class action, derivative and defamation lawsuits; the
Company’s dependence on licensed intellectual property; and the other
risk factors disclosed in the periodic and current reports filed by the
Company with the Securities and Exchange Commission from time to time,
including the Company’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2017. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date
hereof. The Company assumes no obligation to update these
forward-looking statements, except as required by law.

PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her
physician.